Political Currency - podcast cover

Political Currency

Persephonicashows.acast.com

Ed Balls and George Osborne take us behind closed doors into the rooms where decisions are made. Having battled it out across the despatch box, the former Chancellor and shadow chancellor now meet in the studio to discuss the decisions that affect the nation’s pockets. Our frenemies have the knowledge and experience to explain how good politics follows the economics - and expose how the powerful become powerless when faced with market forces and political currents they can’t control. Join us every Thursday.


Send your messages or voice notes to questions@politicalcurrency.co.uk


Find us on social media @polcurrency


Political Currency is a Persephonica production.

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Episodes

EMQs: The best place to be an MP if you're a lover of rhubarb

In this week’s EMQs George Osborne and Ed Balls take on a question from Jeremy Hunt who asks if chancellors are under pressure to push through new reform as soon as they are in office. Ed and George bring their experience to the query. Following the Pope’s letter on the topic of AI, one listener asks for Ed and George’s reaction to the papal intervention. In the Pope’s encyclical, he asks if AI is a force for good or bad. George and Ed applaud Pope Leo’s early engagement into the topic and, like...

Jun 08, 202650 minSeason 1Ep. 291

Did Farage go too far or score political points this week?

British politics has been dominated this week by the horrifying murder of student Henry Novak and the political storm that followed the release of police bodycam footage. Ed Balls and George Osborne examine the tragedy, the questions it raises around “two-tier policing” and the political firestorm it has ignited. The pair analyse the contrasting responses from Nigel Farage, Keir Starmer and Kemi Badenoch. Has Farage gone too far in his ‘emergency address to the nation’ in which he called for “co...

Jun 04, 20261 hr 6 minSeason 1Ep. 290

EMQs: Is Makerfield the UK’s presidential election?

Was George Osborne about to abandon David Cameron in the 2005 Tory leadership race? That’s the first question on this week’s EMQs, where George recounts the mistakes made by the David Davis campaign that allowed Cameron to ascend. Ed Balls shares similar mistakes of David Miliband’s 2010 campaign, and the pair offer their own advice to all backbench MPs assessing the current Labour leadership contest. Then they turn to the man who may win said contest: Andy Burnham. They ponder if Makerfield is ...

Jun 01, 202645 minSeason 1Ep. 289

Is Tony Blair the Logan Roy of Britain?

The battle for Makerfield is on, so this week Ed Balls and George Osborne dig into this consequential by-election’s frontrunners. Andy Burnham is radical in tone, but are his policies more conservative when you dig in? Reform’s Robert Kenyon has lost his shine as sexist and remain leaning views have been dug up but a spokesperson for the party said they "fully back" him and added that the "comments were made before he was in politics". The fringe right party Restore has picked up momentum, will ...

May 28, 20261 hr 20 minSeason 1Ep. 288

EMQs: Should retired politicians go on Question Time?

Following Green MP Hannah Spencer’s comments on drinking culture at Westminster, Ed Balls and George Osborne answer whether MPs should be better behaved in general during Parliamentary sessions. They make the case for heckling and jeering, comparing it to more civilised Parliaments and systems to explain how it helps hold our leaders accountable. They then reflect on their experience on Question Time, and whether they would follow Michael Gove’s move and go on as retired politicians. This sparks...

May 25, 202638 minSeason 1Ep. 287

Burnham, Streeting, and Rayner’s race to No. 10

British politics has moved at a rapid pace the last week, with Andy Burnham securing his root to parliament, Wes Streeting reigniting Brexit debates, and a defiant No. 10 fighting on through all of it. Ed Balls and George Osborne examine the leadership race, the manoeuvres being made by Streeting to court the Labour faithful and how Burnham is having to campaign on two fronts. Why is the cabinet silent? Is Starmer right to cling on? Will the King of the North be coronated should he return to par...

May 21, 20261 hr 5 minSeason 1Ep. 286

EMQs: Should we vote on weekends?

Last week’s local elections saw votes counted during the Friday to save costs, and inspired one listener to ask Ed Balls and George Osborne why that isn’t always the case. He also wondered why we don’t vote at weekends like other European countries. The pair explain the historical roots of the tradition and the benefits of weekday votes and overnight counts for general elections. Plus they recall their own experiences as commentators during the last 3 elections. They then address the divisive po...

May 18, 202632 minSeason 1Ep. 285

Who should be the next prime minister?

Wes Streeting’s resignation is the latest domino to fall amid the threat to Keir Starmer’s premiership, in a chain reaction that could lead to months of chaos. Ed Balls and George Osborne evaluate where the government and Keir Starmer can go from here. Should he resign? And how would Andy Burnham, Angela Rayner, Ed Miliband, and the wildcard option of Al Carns, fare against him in a leadership contest? News of Streeting’s departure came between our live YouTube stream and recording of this episo...

May 14, 20261 hr 9 minSeason 1Ep. 284

HOT TAKE: Is it over for Starmer?

The fallout of the local elections was as many had predicted, but the chaotic aftermath demanded a reaction. Ed Balls and George Osborne went live on YouTube earlier today to give their thoughts on just how bad things are for Keir Starmer. They reflect on the heavy defeat Labour suffered on Thursday, and the prime minister’s fightback. Why did he bring back Gordon Brown and Harriet Harman? Why did he stake things on today’s speech with a King’s Speech in only two days? The biggest question mark ...

May 11, 202637 minSeason 1Ep. 283

EMQs: Is politics like snooker?

Fresh off his trip to the Crucible to see the snooker, Ed Balls brings a question for him and George Osborne to answer on just how similar politics and snooker are. Is it all about the long game? Or do you take the risky shot when the opportunity arises? Are the two even similar? And do Ed and George know enough about the sport to say for certain? Sunday Times columnist Charlotte Ivers then asks whether politicians are just copying TV shows like The Thick of It and The West Wing in their communi...

May 11, 202649 minSeason 1Ep. 282

Why are Labour so aggressive on the Greens?

It’s polling day, and the tensions have never been higher for Keir Starmer. The threat to his left, with the Greens, or to his right, with Reform, makes this a defining moment of his premiership. Ed Balls and George Osborne take this time to look at the future of the devolved governments, which could all be led by nationalist parties for the first time. Which parties will be willing to work together? Will there be another independence referendum? Is the UK at risk of breaking up? The war in Iran...

May 07, 20261 hr 4 minSeason 1Ep. 281

EMQs: Should MPs drink in parliament?

Before getting into questions this week, Ed Balls and George Osborne take on the big talk around Westminster: should MPs be allowed to drink? They respond to the criticism by new Green MP Hannah Spencer, who said MPs smelling of alcohol while voting made her uneasy. Ed and George offer the pros and cons of this, and even how drinking in parliament getting out of hand may have led to Jeremy Corbyn… Is it in Kemi Badenoch’s best interest for Keir Starmer to stay on? The pair explain why this minds...

May 04, 202637 minSeason 1Ep. 280

Why no one can 'land a glove' on Farage

Ed Balls and George Osborne dissect a dramatic week in UK politics, from King Charles's highly praised state visit to the US to the fallout from the Mandelson scandal and Kemi Badenoch's failed attempt to refer Keir Starmer to a standards committee. They provide a comprehensive preview of the upcoming local elections, discussing the vulnerable positions of both Labour and the Conservatives, the rise of Reform, and the need for ethical resets. Finally, they debate the stalled assisted dying bill, offering differing views on its future path.

Apr 30, 20261 hr 3 minSeason 1Ep. 279

EMQs: What do the public think of Ed and George?

Off the back of last week’s EMQs, Tamara Finkelstein sends in a correction to the idea that UK schools don’t prepare for attacks like those in the US. She highlights that Jewish schools have to prepare and feel threatened in this current environment. Ed Balls and George Osborne highlight the worrying trend of antisemitism in the UK and the need for public figures to actively combat it. Aldershot MP Alex Baker then chimes in with a proposal to adopt a multilateral defence, security and resilience...

Apr 27, 202627 minSeason 1Ep. 278

Is the clock ticking for Keir Starmer?

Another dramatic revelation in the Mandelson scandal has reignited the tensions around Keir Starmer’s leadership and the future of his government. Ed Balls and George Osborne reflect on the latest developments, and look forward to how this will impact the local elections in just two weeks' time. The pair question the sacking of Olly Robbins, assess Kemi Badenoch’s performance at PMQs, and look at the bleak tone of the cabinet. With an extension of the ceasefire in Iran, George and Ed debate the ...

Apr 23, 20261 hr 4 minSeason 1Ep. 277

EMQs: Should PMs be youthful or experienced?

Fresh off the back of our latest episodes Ed Balls and George Osborne get an answer to their queries around the curate eggs and a follow up to the Libya crisis series on age in politics. In politics, particularly the Tories, you’re considered young at 40 or 50 while in tech it makes you ancient. Why is this? Youth is often seen as a negative in politics, but is there value to not being weighed down by your experiences? Then the pair answer a question from the Barclays Brief podcast on the gilt m...

Apr 20, 202646 minSeason 1Ep. 274

Is it risky for the Chancellor to attack Trump?

The Middle East conflict raged on during our Easter break and George Osborne comes back to us with news from Washington and word from friends in high places, like incoming Fed Chair Kevin Warsh. He and Ed Balls discuss the failed peace talks from George’s other mate, JD Vance, and where things go from here. They then weigh in on the UK’s shifting tone towards the Trump administration, and why they’re becoming more critical. It’s aiding them for now, but will it come back to bite them? The ongoin...

Apr 16, 20261 hr 4 minSeason 1Ep. 273

What If: George was PM during Covid?

In another special ‘What If’ edition of EMQs George Osborne and Ed Balls consider the would be worlds and outcomes, if just one historical event went another way. In a more theoretical ‘What If’ they consider what would happen if MPs couldn’t abstain and had to vote aye or nay on every bill. Ed believes this could lead to a breakdown in our system, while George thinks it could reprimand a mistake made by the recent Tory governments. An anonymous question from someone in government poses a radica...

Apr 13, 202637 minSeason 1Ep. 172

Inside The Room - The Libya Conflict: The Aftermath (Part Three)

How can it be ensured countries will face a better future after a large-scale military intervention? It’s a question which applies to both politicians dealing with the war in Iran today, and for politicians dealing with the aftermath of Muammar Gaddafi’s killing in 2011. In this third and final part of this series, Ed Balls, George Osborne, and Sir John Sawers reflect on the fallout of the 42-year regime in Libya coming to an end. Who was responsible for post-war failures? Was there a case for p...

Apr 09, 202635 minSeason 1Ep. 270

Inside The Room - The Libya Conflict: The Campaign (Part Two)

Planes are in the air and the military intervention in Libya has now begun. But how does the operation progress from here? And what actually happens in a war room? In the second part of this mini series, Ed Balls and George Osborne ask Sir John Sawers about how MI6 gathered intelligence to guide the path forwards. He tells the story of leaving William Hague "aghast" by securing a visa for the Libyan foreign minister, who he then flattered with dinner at one of the service’s secure locations in r...

Apr 06, 202635 minSeason 1Ep. 269

Inside The Room - The Libya Conflict: The Build Up (Part One)

As renewed violence erupts across the Middle East, governments have been forced into crisis mode... but when is the right time to intervene, how involved should you get and when, if ever, is it time for 'boots on the ground'? It's these dilemmas and more that are currently facing Keir Starmer and other world leaders, but it's not the first time a UK government has had to find answers for such big questions about international intervention. Fifteen years ago the civil unrest of the Arab Spring sp...

Apr 02, 202640 minSeason 1Ep. 268

EMQs: Is Wes Streeting a good health secretary?

Fellow ex-MP and former health minister Steve Brine sends in a question asking Ed Balls and George Osborne how we judge the performance of a health secretary, and in particular Wes Streeting. They lay out the historical challenges of the role, and where Streeting has risen or succumbed to them thus far. A colleague of Ed’s from King’s College then asks how useful it is for benefits to be so conditional, in particular for care leavers. They debate the fairness in having conditional benefits syste...

Mar 30, 202636 minSeason 1Ep. 267

What on earth happened to Morgan McSweeney’s phone?

Nearly a month into the war in Iran, and the White House’s objectives are no clearer. Donald Trump is sending conflicting signals - peace overtures in one moment, threats of further escalation in the next. The consequences of this instability is rippling far beyond the Middle East. Ed Balls and George Osborne examine what Trump actually wants, and what his mixed messages might mean for allies like Britain, struggling to keep track. At home, Keir Starmer and Rachel Reeves are on the backfoot. Wit...

Mar 26, 202652 minSeason 1Ep. 266

EMQs: Are robotaxis coming for London?

Fresh off regaling us with his tales in a Silicon Valley robotaxi, George Osborne is asked if they’re bound for London and what risks they may pose, in this week’s EMQs. Ed Balls echoes some of our listener’s concerns, but George argues this is no different than other tech evolutions like Uber. The pair are then asked why Britain often appears reactive and not proactive for big economic shocks like the wars in Ukraine or Iran. Is this emblematic of problems within the Treasury? Problems in gover...

Mar 23, 202635 minSeason 1Ep. 265

Has the race to succeed Starmer kicked off?

The war in the middle east has entered its third week. Tensions rose overnight when Israel hit a natural gas field in Iran, and Iran retaliated by bombing gas facilities in Qatar. The result was oil prices skyrocketing. Ed Balls and George Osborne discuss what appears to be a communication breakdown between Israel and the US, and question whether they are aligned in their respective endgames. Earlier this week the Chancellor Rachel Reeves gave the Mais lecture at the Bayes Business School. She s...

Mar 19, 202656 minSeason 1Ep. 264

EMQs: From Beatlemania to... K-pop?

The saga of Gordon the chicken continues this week with Beatrice Gove, Michael’s daughter, sending in a question to tell us more about the incident. Ed Balls and George Osborne then answer her question about polling showing Labour and Reform out in front as the parties most trusted by business. Is this a concern for Keir Starmer? What does it mean when business starts gravitating towards opposition parties? The pair then consider the great cultural exchanges across British history, in light of t...

Mar 16, 202645 minSeason 1Ep. 263

Is there an inflation crisis coming?

After weeks of speculation we finally saw the first release of the files concerning Peter Mandelson’s appointment and sacking as US Ambassador. Ed Balls and George Osborne delve into the revelations within the files, and whether any of the new information damages the government or prime minister. Was there a smoking gun in the files? Is the worst information now out there? Or, are there more damaging revelations to come? Then, they return to the Iran conflict and reassess what Trump’s strategy i...

Mar 12, 20261 hr 4 minSeason 1Ep. 262

EMQs: Are betting markets more reliable than polling?

Fresh off the absolute victory for the Greens in Gorton and Denton, Ed Balls and George Osborne debate whether the betting markets - which accurately predicted the results - are reliable forecasters in elections in this week’s EMQs. George ponders if, unlike official polling, it might be possible to influence the odds in your favour? Fellow ex-MP Gyles Brandreth asks the brutally honest question: did their careers peak when they were politicians? Despite all their success in podcasting and elsew...

Mar 09, 202633 minSeason 1Ep. 261

Trump’s Iran Strike and Britain’s Dilemma

After weeks of warnings from George Osborne and Ed Balls, Donald Trump has rolled the dice and launched Operation Epic Fury and Operation Rising Lion against Iran. The strikes sent shockwaves around the world, with many wondering what Trump’s real motivations were. Why did Trump act now? What is his endgame? And what could the domestic and geopolitical consequences be? Ed and George unpack the strategic calculations behind the decision, from Middle East security to access to oil, and discuss the...

Mar 05, 20261 hr 3 minSeason 1Ep. 260

EMQs: Will the AI bubble burst?

On the heels of the AI Impact Summit, former advisor to Nick Clegg and author Verity Harding asks how Ed Balls and George Osborne’s experiences of the dot com bubble and rise of social media can inform the current government’s approach to AI. They also discuss whether AI is heading for its own Dot Com crash. And, what’s in a Department Name? More than you’d think apparently. The pair get surprisingly passionate about the joys of a government department rebrand - reminiscing on the coalitions unp...

Mar 02, 202634 minSeason 1Ep. 259
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